Channing Capital Management Lowers stake in Anixter International (AXE)

Anixter International (AXE) : Channing Capital Management reduced its stake in Anixter International by 11.35% during the most recent quarter end. The investment management company now holds a total of 688,036 shares of Anixter International which is valued at $39,403,822 after selling 88,127 shares in Anixter International , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Anixter International makes up approximately 1.58% of Channing Capital Management’s portfolio.

Other Hedge Funds, Including , Capstone Asset Management Co reduced its stake in AXE by selling 220 shares or 1.89% in the most recent quarter. The Hedge Fund company now holds 11,390 shares of AXE which is valued at $636,018. Anixter International makes up approx 0.02% of Capstone Asset Management Co’s portfolio.

Anixter International opened for trading at $57.4 and hit $58.16 on the upside on Thursday, eventually ending the session at $57.38, with a gain of 0.19% or 0.11 points. The heightened volatility saw the trading volume jump to 1,66,361 shares. Company has a market cap of $1,897 M.

On the company’s financial health, Anixter International reported $1.32 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Jul 26, 2016. Analyst had a consensus of $1.35. The company had revenue of $1955.70 million for the quarter, compared to analysts expectations of $1938.08 million. The company’s revenue was up 32.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 EPS.

Many Wall Street Analysts have commented on Anixter International. Company shares were Reiterated by Imperial Capital on Jul 27, 2016 to “Outperform”, Firm has raised the Price Target to $ 64 from a previous price target of $60 .

Anixter International Inc. is engaged in the distribution of enterprise cabling and security solutions electrical and electronic wire and cable products original equipment manufacturer (OEM) supply fasteners and other small parts. The Company operates under the following segments: Enterprise Cabling and Security Solutions; Electrical and Electronic Wire and Cable and OEM Supply – Fasteners. The Company’s inventory management services include procurement advisory engineering services component kit production small component assembly and e-commerce and electronic data interchange. Its customers include international national regional and local companies. The Company caters to industry groups such as manufacturing resource extraction telecommunications Internet service providers finance education healthcare retail transportation utilities aerospace and defense and Government. The Company’s wholly owned subsidiary is Anixter Inc.

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